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Wednesday, 04 July 18
TANKER MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
 2 years tanker briefing in tanker asset prices
The tanker market is undoubtedly passing one of its’ roughest times over the last years. T/C rates have fallen to very low levels and as a result the resistance that vessels were showing to further decrease on asset prices has started to show signs of cracking. The correction on prices has been evident on mostly larger tonnage.
On the VLs, which are 15-yrs old we have witnessed a large correction on asset prices, which was most pronounced during q2 of 2017. To put things into perspective the “GOOD NEWS” (319,430dwt-blt ’02, S. Korean) was sold to New Shipping in May 2017 for $21.0m, while the price for similar aged unit today remains at the same levels. An example of this is the “ROKKOSAN” (300,257dwt-blt ’03, Japan), which was recently sold to Greek buyers for $21.0m.
In the Suezmax sector, similar price elasticities are also explored. The 12-yr old “EUROGLORY” (166,647dwt-blt ’05, Croatia) was sold to Eurotankers in June 2017 for $20.5m, while the 13-yrs old sisters “UNITED KALAVRYTA” (159,156 dwt-blt ’05, S. Korea) and the “UNITED LEADERSHIP” (159,062 dwt-blt ’05, S.Korea), were sold to Greeks in May 2018 for region $18.0m.
In the Aframax sector we have noted a similar situation with regards to asset prices. However the number of transactions is greater compared to larger segments. This specific size has traditionally attracted the interest of the buyers looking at the bigger tonnages (Vls, Suezmaxes and Afras). Despite the big interest on the specific segment and the competition amongst buyers, asset values remained steadily negative. The “EUROFORCE” (106,361 dwt-blt ’02, Japan) was bought by Eurotankers on February 2017 for $11.5m, while on April 2017 both “BULL SUMATERA” (106,560 dwt-blt ’02, Japan) and the “KALIMANTAN” (106,548 dwt-blt ’02, Japan) were bought by Indonesian buyers for $10.5 each.
On the contrary within April 2018 the “GENER8 DEFIANCE” (105,538 dwt-blt ’02, Japan) sold for $10.2m and two weeks ago the “KRASNODAR” (115,605 dwt-blt ’03, S.Korea) was sold for $9.5m.
Lastly, the MR prices showed the biggest resistance. For a long period of time, sellers of 13-yrs old Korean/Japanese build MRs were declining offers below $10.0. An example is the “BORA” (46,718 dwt-blt ’04, S. Korea), which bought by Unibros during March 2017 for $11.4. The same prices have been noticed during q4 2017. The ex-“SEAWAYS ANDROMAR” (46,195 dwt-blt ’04, S. Korea) and the ex-“SEAWAYS ARIADMAR” (46,205 dwt-blt ’04, S. Korea), were sold to different Greek buyers for $11.2m each. However the picture is changing in 2018. The pressure and the low expectations in wet market have caused a reduction in asset values to levels below $10.0. Within June we have witnessed the below deals: The “ENDEAVOUR” (46,101 dwt-blt ’04, S. Korea) was sold to Greeks for $9.8m and the “BIENDONG MELODY” (45,937 dwt-blt ’04, Japan) was sold for $9.0m.
It is clear that the current asset prices are at a 2-year low. How much further down they can go remains to be seen. Tankers at current prices are definitely the segment that owners and investors should be looking at. While no one is a prophet, you can’t go wrong with the age-old adage of “buy low; sell high”.
By Konstantinos Kontomichis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 10 September 20
U.S. COAL PRODUCTION IN 2020 TO BE 511 MMST, 28 PER CENT LOWER THAN IN 2019 - EIA
EIA expects total U.S. coal production in 2020 to be 511 million short tons (MMst), 194 MMst (28%) lower than in 2019. Mitigation efforts related t ...
Thursday, 10 September 20
DRY BULK SHIPPING: CHINA'S DEMAND KEEPING THE DRY BULK MARKET GOING - PETER SAND | BIMCO
Overview
An impressive recovery in Chinese dry bulk imports has protected the industry from the effects of falling demand in the rest of the wo ...
Thursday, 10 September 20
TANKER SHIPPING: FREIGHT RATES BACK AT LOSS-MAKING LEVELS AFTER 12 VERY PROFITABLE MONTHS - BIMCO
Overview
A stunningly strong 12 months for the tanker shipping industry is now being replaced by lower freight rates, as lower oil product ...
Thursday, 10 September 20
INDIA'S COAL IMPORTS STUMBLE IN AUGUST, RAISING RISK OF SLOW RECOVERY - REFINITIV | BANCHERO COSTA
After posting a mild recovery in July, India's coal imports have stumbled in August as the South Asian nation battles to restart it ...
Thursday, 10 September 20
THE FIRST 8 MONTHS OF 2020, INDONESIA EXPORTED 217.4 MLN TONNES OF COAL BASED ON REFINITIV - BANCHERO COSTA
The coal market has been hit by a weaker global economy as a result of COVID-19 pandemic and falling industrial electricity demand ...
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- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Planning Commission, India
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- The University of Queensland
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Australian Coal Association
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
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